According to Vision Research Reports, the global vagus nerve stimulation market was valued at USD 673.02 million in 2021 and it is predicted to surpass around USD 1.59 billion by 2030 with a CAGR of 10.03% from 2022 to 2030.
According to Vision Research Reports, the global vagus nerve stimulation market was valued at USD 673.02 million in 2021 and it is predicted to surpass around USD 1.59 billion by 2030 with a CAGR of 10.03% from 2022 to 2030.
Immediate Delivery Available | Get the sample copy of report@ https://www.visionresearchreports.com/report/sample/39833
Market Synopsis
Vagus Nerve Stimulation devices are used for the treatment of chronic conditions, such as epilepsy and depression, which involves stimulation of the vagus nerve with electrical impulses. VNS consists of two major components: a vagus pacemaker and an electrode. Epilepsy is a chronic disease, and most epileptic patients use medications and dietary restrictions to control their seizures. However, in about 30% of the cases, medications fail to curb the seizures, thereby driving patients to resort to treatment via a VNS device. The use of a VNS device reduces the occurrence of epileptic seizures by 50%. The high efficacy exhibited by these devices in treating epilepsy and their application in the treatment of diseases such as chronic depression are some of the major factors expected to drive the market over the next 6 years.
Scope of The Report
| Report Coverage | Details |
| Market Size in 2021 | USD 673.02 million |
| Revenue Forecast by 2030 | USD 1.59 billion |
| Growth rate from 2022 to 2030 | CAGR of 10.03% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segmentation | Application, Product, Biomaterial, End User, Region |
| Companies Covered | Cyberonics, Neurospace, electroCore, Medtronic, Cerebral Rx, LivaNova LLC,MicroTransponder, Inc., and NERVANA LLC among others |
Market Influencer
The growing incidence of neurological disorders such as epilepsy, depression, and migraine as well as the rising adoption of minimally invasive neurosurgical procedures are the key growth drivers for the global vagus nerve stimulation market. According to WHO in 2019, over 50 million people in the world have epilepsy. Although epilepsy can be controlled using medication, VNS therapy can be used as an add-on treatment to control seizures. Similarly, as per the American Headache Society, migraine is one of the major causes of disability in the U.S. and the third most prevalent disease in the world. Also, as per the Migraine Research Foundation in 2019, migraine affects nearly 39 million Americans and about 1 billion people worldwide. Thus, the increasing prevalence of chronic conditions, such as epilepsy and migraine, is expected to contribute to the market growth during the forecast period.
Furthermore, an increasing number of approvals and new product launches are expected to further drive the market growth over the forecast period. The introduction of new and innovative products by key market players is fuelling the demand and adoption of VNS devices in the global market. For instances,
- In August 2021, the FDA approved the MicroTransponder Vivistim Paired VNS System, a drug rehabilitation system with the intention to treat moderate to severe upper extremity motor deficits associated with chronic ischemic stroke.
- In March 2020, LivaNova received the CE Mark approval for their VNS Therapy System, Symmetry for difficult-to-treat depression.
- Similarly, in November 2018, the FDA cleared the VNS device for the treatment of migraine and cluster headaches.The trial evidence showed that VNS decreased the pain level of a migraine at 30 minutes and 60 minutes after using the device.
These technological advancements are expected to boost the Vagus Nerve Stimulation market growth over the forecast period. Key players operating in the vagus nerve stimulation market include Cyberonics, Neurospace, electroCore, Medtronic, Cerebral Rx, LivaNova LLC,MicroTransponder, Inc., and NERVANA LLC among others. Moreover, the FDA has approved an implantable VNS for the treatment of epilepsy and depression. Additionally, a new non-invasive VNS device that does not require surgical implantation has been approved in Europe to treat epilepsy, depression, and pain.
However, device-related technical failures and complications, along with the high cost of these devices and their maintenance is expected to shrink the market growth during the forecast period.
Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/39833
Market Dynamics:
Market Drivers
- Increasing prevalence of neurological disorders
According to WHO estimates, neurological disorders cause 4.5%-11% of all illnesses, whether in low- or high-income countries.This number is higher than the number of respiratory diseases, gastrointestinal disorders, or cancers, and the burden is likely to increase further over the coming years. The US has also shown a considerable increase in neurological disorders and is expected to continue this growth trend over the next 20 years. The prevalence of such neurological disorders has been estimated to vary from 0.9% to 4% (970–4100 per 100,000 population) with an average of around 2.3% (2390 per 100,000 population). Epilepsy is one of the most widespread neurological disorders, affecting nearly every country on the planet. Countries such as India and China have seen the highest number of populations suffering from this condition. This increasing prevalence has led to the growing demand for various devices and therapies, including vagal nerve stimulation (VNS). Vagal nerve stimulation is used to treat a growing number of neurological disorders. It helps to treat neurological disorders such as epilepsy, depression, and other clinical applications. Because of the high prevalence of neurological disorders around the world, VNS can be used during the forecast period.
- Increasing investment of biotechnology and pharmaceutical industries in R&D
Market Restraints
- Higher cost of vagal nerve stimulation treatment procedure
The growing incidents of various neurological disorders, including depression, epilepsy, and other conditions, are driving the adoption of VNS devices and therapies across the globe. As per the Epilepsy Foundation, the VNS therapy currently costs approximately USD 30,000, including the implant and surgical procedure. Also, there are limited numbers of patients undergoing treatment for such neurological conditions, which has highly impacted the cost structure of the VNS treatment as a large number of patients still prefer medical treatment for such neurological disorders. This factor highly affects the adoption of VNS devices and treatments. Moreover, the high cost associated with VNS surgery is significantly affecting the adoption of VNS devices. Conclusively, the high cost of VNS therapy, huge surgery costs, and preferred medical treatments are expected to hinder the growth of the vagal nerve stimulation market during the forecast period.
Market Opportunities
- Increasing strategic mergers and acquisitions
The growing number of neurological disorders has enabled the rapid adoption of vagal nerve stimulation. In addition, increased research & development has led to the new technological advance products coming in the market. Massive investments are assisting start-up companies in developing competitive products for vagal nerve stimulation therapies and surgery.Moreover, the growing number of patents for the VNS from the new start-up companies is expected to enable them to contribute to a high market share in the vagal nerve stimulation market. However, as these upcoming start-up companies have a high-skilled workforce and advanced products, they provide significant strategic mergers and acquisition opportunities for the large players in the market. The large market players should invest in such upcoming start-ups and guide them to achieve their goals in strategic ways. Itis expected to bring various developments in the market and enable large companies to lead the market during the forecast period. Therefore, the increasing strategic mergers and acquisitions are expected to provide a lucrative growth opportunity for the vagal nerve stimulation market during the forecast period.
Market Segmentation
By Application
- Depression
- Epilepsy
- Migraine
By Product
- Implantable VNS Devices
- External VNS Devices
By Biomaterial
- Polymerics
- Metallics
- Ceramics
By End User
- Hospitals
- Ambulatory Surgical Centers (ASCS)
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Click Here to View Full Report Table of Contents
Immediate Delivery Available | Buy this Premium Research Report@ https://www.visionresearchreports.com/report/cart/39833
You can place an order or ask any questions, please feel free to contact at sales@visionresearchreports.com | +1 9197 992 333
Blog: https://www.novaoneadvisor.com/
Blog: https://qyresearchmedical.com/